UPDATE 2-Evercore Partners posts Q1 net loss

(Adds conference call details, share movement)

May 12 (Reuters) - Evercore Partners Inc (EVR.N: Quote, Profile, Research), the top U.S. merger advisory boutique, swung to a first-quarter loss, hurt by a 52 percent drop in advisory revenue, sending its shares down more than 15 percent to their life-time low. Net loss was nearly $1.0 million, or 8 cents a share, compared with a profit of $4.2 million, or 64 cents a share, for the year-ago period. Adjusted pro forma net income was $4.5 million, or 13 cents a share, compared with $16.0 million, or 50 cents a share, a year earlier. Net revenue fell 50 percent to $44.5 million, of which advisory revenue formed $40.7 million.

Analysts expected earnings of 20 cents a share, before special items, on revenue of $59.1 million, according to Reuters Estimates.

Investment management revenue, comprising of revenue from private equity and public securities business, fell 44 percent to $2.6 million.

"Investment banking is lumpy by nature and also characterized by periodic down cycles," said Chief Executive Roger Altman. "We will have occasional weak quarters, and this was one of them."

The dollar volume of completed M&A transactions in the U.S. was down more than 50 percent compared with the first quarter a year ago, reflecting the smaller size of transactions which were closed, Altman said in a conference call.

However, Altman expects M&A volume to rebound and "over the medium and the longer-term" expects the U.S. and global M&A at higher levels than ever.

"The forces of globalization, continued strong corporate liquidity, the role of private equity and the rise of cross border transactions all around the world together with the rise of China and India all augur well for the long-term health of this business," Altman said in the call.

Evercore said it will consolidate its private equity team in New York and close the Los Angeles office. It will add one partner to the team.